Execucomp Corporation's Financial Statements in the Current Year Show a Loss

question 64

Multiple Choice

Execucomp Corporation's financial statements in the current year show a loss from discontinued operations,a prior period adjustment,and an extraordinary gain.If Execucomp's income statement is prepared according to generally accepted accounting principles (as illustrated in your text) ,which of the following four items would appear second in sequence in the income statement?

• A)Prior period adjustment.
• B)Income from continuing operations.
• C)Loss from discontinued operations.
• D)Extraordinary gain.

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Definitions:

Filing Equipment

Tools or systems used for organizing, storing, and managing files or documents in both physical and digital formats.

Medical Records

Documented information pertaining to a patient's medical history, treatments received, diagnostic tests, and health outcomes, used for managing patient care.

Confidentiality

The ethical principle or legal right that prohibits the disclosure of private information without the individual's consent.

Color-coding

The practice of using different colors to categorize, identify, or prioritize items, making them easier to recognize or locate.